HDFC Securities has downgraded Reliance Power to "Sell" with target price of Rs 84 as against current market price (CMP) of Rs 95 in its report.

Commenting on the investment rationale, the stock broker said, "Reliance Power's 1QFY15 PAT of Rs 2.44 billion was below our estimate mainly due to lower than expected other income. Sasan UMPP is on track to be commissioned by Dec-14 while sales to R-infra under long term PPA from Butibori have commenced.

Company’s expansion projects- Tilaya UMPP (3,960MW) and Sasan II/Chitrangi (3,960 MW) are stuck at various regulatory and procedural hurdles. With a new stable govt. at the helm, these projects may get into execution stage soon. But CMP already factors in contribution from these long gestation projects and hence upsides are limited, in our view."

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